What is a tax credit apartment?

I broke my Texas lease, and my apartment complex is threatening to report approximately 4 months rent + tax to credit agency. What are the consequences of not paying up? How long will it remain on my record?

• Answer:

  Bad debts are reported to credit rating services, which do not remove or edit a record until they are told to by the business that reported it in the first place. A bad credit record can, therefore, remain with you for rest of your life or at least the life of the rating company. It is not a bad idea to occasionally check your credit rating, as records of bad debts may not be removed after you clear them if the company doesn't request their removal. Credit ratings may also contain incorrect information concerning your personal situation (e.g., number of children, whether or not you are married). Credit rating services are national and, sometimes, international in scope.